My lawyer has discovered a defect with the lease for the apartment we are buying in Southwark. The seller’s lawyers have suggested title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer says that he must check that the mortgage company is willing to move forward with this solution. Are we the client or is the mortgage company ?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the lender are the client. These conveyancing instructions must be adhered to.
Why do I have to pay up front for my conveyancing in Southwark?
Where you are retaining lawyers for conveyancing in Southwark your solicitor will request that you to provide them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any down payment is payable against the purchase price then this will be asked for immediately ahead of contracts are exchanged. The closing balance that is due should be sent to your lawyer shortly before completion.
My lawyer has informed me that lack of building regulations insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Southwark?
The right level of lack of building regulations indemnity insurance depends on your lender. It would differ for example between Accord Mortgages Ltd and The Mortgage Works. Conveyancing lawyers as opposed to borrowers take out such insurances.
I am the sole beneficiary of my late father’s estate and I have everything in my name alone, including the my former home in Southwark. The Southwark property was put into my name in January. I want to move. I understand that there is a Mortgage Lenders six month 'rule', meaning my proprietorship will be regarded the same way as though I had purchased the property in January. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. Most mortgage companies would take a sensible view as this clause chiefly exists to identify the purchase and immediately sell or the quick reselling of properties.
We previously chose solicitors with offices in Southwark on the HSBC solicitor panel. They are now charging me an additional fee for dealing with the HSBC mortgage. Is this a supplemental conveyancing fee set by HSBC?
As unfair as it may appear, as long as it’s in their Terms and Conditions or Quote then yes your conveyancer is entitled to levy a fee for this. The charge is not set by HSBC but by your Southwark solicitor. Plenty of firms on the HSBC panel will charge an ‘acting for lender’ fee but some practices incorporate it on their overall fee.
What will a local search inform me about the house my wife and I purchasing in Southwark?
Southwark conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search organisations for example Searchflow The local search is essential in every Southwark conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your property. The search should reveal information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
My wife and I may need to sub-let our Southwark ground floor flat for a while due to taking a sabbatical. We used a Southwark conveyancing practice in 2001 but they have since shut and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?
A small minority of properties in Southwark do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I have had difficulty in negotiating a lease extension in Southwark. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most definitely. We can put you in touch with a Southwark conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Southwark premises is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case related to 41 flats. The unexpired lease term was 107 years.